BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Credit Union
|
|
|
Online Commercial Bank
|
|
|
Commercial Bank
|
|
|
Federal Reserve Bank
|
Detailed explanation-1: -How is a credit union different than a bank? Credit unions are not-for-profit organizations that exist to serve their members. Like banks, credit unions accept deposits, make loans and provide a wide array of other financial services.
Detailed explanation-2: -Credit unions are non-profit organizations. At credit unions, depositors are called members. Each member is an owner of the credit union. Since credit union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members.
Detailed explanation-3: -There are a variety of unions, and each is opened for different purposes, such as state employees’ credit union, federal navy credit union, digital federal credit union, Boeing employees’ credit union, etc.